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1. What advice would you give to someone that's starting a business? Jabie Hardin: "That's a tough question. But number one is that in today's market (not like when I went in business, I didn't have any money) is that you should be comfortably financed. Number two, is to get you a good bank that is not going to make you put up everything that you own to borrow a dollar." "In the beginning, I went to the bank I'd been doing business with for years. And I told them I wanted to borrow money to start building a new warehouse. I had a little insurance paid up, this was a long time ago but it was between 5,000 and 10,000 dollars. They wanted that in security. I had bought a lot for our new home and not built on it yet, they wanted that for security. I had, I think I only had one car then, they wanted that for security. I had a little savings account, about $2,000 in it, they wanted that as security. So I sat there and listened to them and said "I want to borrow $10,000, that's all I'm asking for," I said "I've already laid down in front of you about $20,000." I said, "What you're telling me is that I'm going to borrow this money from myself, but I'm going to pay you interest on it!" And I said, "I'll have to go think about that." So I left, and went out, went into another bank, that I'd never done business with and introduced myself to the person in charge of new accounts. He took me over and introduced me to the two heads of the bank. After a pretty good long conversation between the two of them and myself, they decided they were going to loan me the money. I said "Well, what security do you want?" They said, "Your signature." I said "Is that all?" and they said "yes, we're dealing with a good moral risk and that is just as good or better than a security risk. So I borrowed the money from them. I have stayed with them all these years and that was in 1936, I would say that I have brought them lots of money." 2. What are the characteristics of an entrepreneur? Jabie Hardin: "Actually, an entrepreneur is a frame of mind and your thinking. If you're an entrepreneur, you think that way. It isn't something that you create, it isn't something that you become." Helen Hardin: "It is a feeling within." Jabie Hardin: "Being an entrepreneur is also about hard work, good quality, (I'm talking about quality in people you hire and quality in products you pick to sell,) and then the most important thing - honesty. Honesty is important with yourself, your employees and with your customers. Don't ever mess a customer up with an untruth, because next time you won't remember what you told him. You tell him the truth and you will always remember what you told your customer. That's my philosophy."   |
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